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Ministry of Finance (MOF)
Speeches

Speech by Mr Heng Swee Keat, Minister for Finance at the Singapore Symposium 2018, 28 June 2018, 6:30 pm at the Taj Diplomatic Enclave Hotel, New Delhi, India

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29 June 2018

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Ambassador Gopinath Pillai


  1. First let me thank Ambassador Gopinath Pillai, Mr Tarun Das and Mr Banerjee for organising this event and bringing us together. The inaugural Singapore Symposium was held here almost a decade ago, attended by MM Lee Kuan Yew.

     

  2. India and Singapore share a long-standing and deep relationship.

     

     

    I particularly liked PM Modi’s characterisation of the relationship between India and Singapore as “the grace and majesty, and the roar, of the two lions”.

     

     

     

     

     

    Re-Emergence of India and China

     

  3. The economic centre of gravity is moving back towards Asia. The re-emergence of India and China plays a key role in this.

     

  4. India and China both made their marks as great civilisations and are now redeeming their pre-eminence, including as twin engines of the Asian growth story.

     

     

     

  5. As India and China re-emerge as regional powerhouses, the rest of the world will be observing with great interest.

     

     

     

    Asia of cooperation will shape this century.” I am very much heartened by PM Modi’s stance.

     

    We must strengthen our collaboration, under an open, balanced and inclusive regional architecture, so that we can complement one another and progress together.

     

     

     

     

     

    Economic Opportunities and Linkages

     

  6. Asia is a bright spot in the global economy today.

     

     

  7. India offers significant opportunities -

     

     

     

  8. Throughout the region, countries are committed to implementing structural reforms.

     

     

    PM Modi highlighted that over 10,000 measures had been introduced over the last two years to improve the ease of doing business in India. So India has moved up 30 spots in the World Bank’s Ease of Doing Business Index.

     

     

  9. ASEAN too is a region of opportunities -

     

     

  10. Against the current protectionist sentiments in other parts of the world, I am very heartened to see the deepening linkages within the region, as well as our continued collective commitment to open markets and regional integration.

     

     

     

     

    Enhancing Connectivity

     

  11. Let me now offer some ideas on how we can do more together.

     

    At the Shangri La Dialogue, PM Modi spoke of about how connectivity can unite a region and enhance trade and prosperity.

     

    On that note, I would like to elaborate on “Four Connectivities” that we can work together on.

     

    Trade Connectivity

     

  12. First, trade connectivity.

     

     

  13. But beyond bilateral relations, I am glad that CECA paved the way for the wider ASEAN-India FTA in 2009 as well as the bilateral FTAs between India and other ASEAN members, and with South Korea and Japan.

     

    Together, we account for almost half of the world’s population, approximately 30% of global output and global trade, and a fifth of global foreign direct investment inflows based on 2016 figures.

    Infrastructure Connectivity

  14. Let me now move on to talk about the second connectivity - infrastructure connectivity.

  15. But what is a Smart City? Ultimately, it is not about using technology, but using technology to improve the lives of our people.

  16. So I hope that our network of smart cities – across ASEAN, across India, across the region - will become nodes of excellence that can drive sustainable development.

  17. Now to develop this connectivity for the Asian region,

    So I hope that Indian companies can join us for this Roundtable and look forward to additional ways to partner the Infrastructure Asia office.

  18. India and Singapore can also jointly collaborate with other countries on infrastructure development.

  19. One model of collaboration that has been quite successful is the joint development of industrial parks by Singapore and other countries,

    Air Connectivity

  20. The third area is improving air connectivity.

  21. With the growing linkages within the region, good air connectivity is essential to support greater trade, investment and tourism flows. It is a critical factor in unlocking India’s, as well as Asia’s, growth potential.

    This is certainly the case for Singapore.

  22. Air connectivity is critical in facilitating the movement of people and talent in the region. Indian tourists are now the third largest source of tourists to Singapore. We had over 1.3 million visitors from India last year. As I said before, this is a very impressive number. But against India’s population of almost 1.3 billion people, I think there is still a lot more it could grow.

  23. I’m also happy that air services also facilitated the movement of talent, and even for our institutions of higher learning to collaborate more closely with one another.

    Digital Connectivity

  24. Let me now move on to my last point on digital connectivity and innovation.

  25. The potential for digital connectivity for blockchains and for mobile technology to build a more inclusive society is only just being realised.

  26. In the start-up space, India and Singapore share a similar vibrant eco-system with both private-led and Government-supported incubators and tech accelerators.

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    In the longer term, such developments will form a network of innovation and collaboration between Singapore and India. We will work very closely with the Confederation of Indian Industries in this effort.

     

  27. We also envision the building of innovation corridors between Singapore and start-up hotspots across India such as Bangalore, New Delhi and Mumbai, as well as in the south. The first innovation corridor with the state of Andhra Pradesh was just launched in April this year.

     

  28. Another area for collaboration is Fintech.

     

     

     

     

     

    SWITCH is a leading platform in Asia to showcase the best ideas, technology and innovation from around the world, and it will be a great networking opportunity for entrepreneurs, corporates and funds in the region.

     

     

     

    Conclusion

     

  29. Let me end with yet another quote from PM Modi during his visit to Singapore earlier this month, “The future is a world of unlimited opportunities.

     

    It belongs to us.

    It is up to us to be ambitious and bold to seize it.

    This evening tells us that we are on the right path.

    The two lions shall step into the future together.”

  30. Together, we can do great things to improve the lives of our people and those in the region.

     

  31. I look forward to deeper collaborations in the future. Thank you very much.

  1. So this is another area that India and Singapore can collaborate, either bilaterally or in partnership with a third country.

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